Regarding income tax on bitcoin trade
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 April 2018
HI everyone. I am ph.d student student. I got scholarship of INR 25000/ Rs monthly, which is exempted from income tax act. I have taken around 6 lakh from my brother ( my brother works in company with annual income of 13 lakh per year, so he has already paid his taxes and filed the return). I have done arbitrage trading ( arbitrage means suppose there are two exchange : A and B. You will buy bitcoin from exchange A through Bank transfer, then you will transfer your bitcoin from exchange A to exchange B and then you sell your bitcoin to exchange B and withdraw money from Exchange B to your bank account. I have done lot of arbitrage trading. My debit transaction from bank is 1,35,00,000 and my credit transactions to my bank account are 1,51,000,00 for FY-2017-18 for arbitrage trading. My profit is around 16 lakh for FY-2017-18. I have all the proofs of my debit and credit transactions through exchange as all exchanges are bound to KYC, which can easily be matched through bank. I have made excel file of all bank transaction and computed profit = withdraw- deposit... . I am thinking to pay capital gain tax on bitcoin . I have already pay 3 lakh advance tax on 31-march-2018. I have few doubts:
1. Is there any worry from me as i have lots of bank transaction and what are the chances if getting ITR notice
2. If I file my return properly still there are any chances of receiving ITR notice
3. Is there any CA who can help me, I am willing to hire CA for filing return.
1. Is there any worry from me as i have lots of bank transaction and what are the chances if getting ITR notice
2. If I file my return properly still there are any chances of receiving ITR notice
3. Is there any CA who can help me, I am willing to hire CA for filing return.
05 April 2018
1. most of the bitcoin traders are getting notices anyway. So chances of getting a notice will be high for you too
2. filing of return - proper or not, has no correlation with getting the tax notice.
3. Let me know what help you require. you can reach me at ca.nikhilkaushik@gmail.com
2. filing of return - proper or not, has no correlation with getting the tax notice.
3. Let me know what help you require. you can reach me at ca.nikhilkaushik@gmail.com
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